CLEVELAND, OH – The Cleveland Cavaliers have re-signed forward Tristan Thompson, General Manager David Griffin announced today from Cleveland Clinic Courts. Per league and team policy, terms of the contracts were not released. In a related move, the Cavs have waived forward Nick Minnerath.

Thompson played in all 82 games (15 starts) in the 2014-15 regular season, finishing with averages of 8.5 points on a career-best .547 shooting from the field, and 8.0 rebounds in 26.8 minutes per game. It marked the third straight season he has played in all 82 games, increasing his consecutive games streak to 288 dating back to Feb. 10, 2012. That is the second-longest active streak in the NBA, behind only DeAndre Jordan’s 322 consecutive games played (dating back to March 25, 2011). Last season, the 6-10 forward ranked fifth in the NBA in total offensive rebounds (274) and fifth in offensive rebounds per game (3.3). He recorded 14 double-doubles, while tying for the NBA-lead in double-doubles off the bench with eight. Thompson also led all NBA bench players in total rebounds (511) and offensive rebounds per game (3.2), while ranking second in total rebounds per game (7.6).

During the Cavs’ NBA Finals run in the 2015 playoffs, Thompson played in all 20 games (15 starts), averaging 9.6 points on .558 shooting, 10.8 rebounds and 1.2 blocks in 36.4 minutes per game. He registered nine double-doubles, while grabbing double-digit rebounds in 14 playoff games, including in all six games during the NBA Finals.

As the information made it’s way around Twitter on Wednesday night that Tristan Thompson and the Cavaliers had come to terms on a new contract, there was no confirmation from the Cavs that this had actually happened. That was until Cavs owner Dan Gilbert took the stage at a special event for Cavs season ticket holders at the Cleveland Convention Center. Gilbert addressed the crowd and said, “Yes it is true.”

Gilbert then went on to say they had reached a verbal agreement on a deal with the power forward and were hopeful the actual contract would get signed on Thursday. The Cavs owner then gave credit to his general manager David Griffin and managing partner Nate Forbes for finally getting the deal done.

Thompson’s agent Rich Paul told ESPN.com that the deal is for 5 years and $82 million dollars, with all the money guaranteed. The deal also doesn’t include a team or a player option.

The 24 year old Thompson averaged 8.5 points per game and 8 rebounds per game last season for the Cavs, but upped those numbers in the playoffs to 9.6 points and 10.8 rebounds per game. Thompson who has missed all of training camp, is entering his 5th season for the Cavs after being drafted with the 4th overall pick in the 2011 NBA Draft.